23 Nov One Cheer for Walmart & Target on Customer Prices & Hiring
There isn’t much for 2ndVote Americans to praise at Target (2.31) and Walmart (1.67). Both companies support left-leaning policies on life, marriage, the environment, education, and firearms. Their positions often lead the rest of corporate America to accept or reject cultural and policy considerations.
We are therefore glad to highlight a great example of Target and Walmart putting customers ahead of politics. CNBC and CNN report that both companies have kept prices low despite supply-chain price increases, and that both companies are hiring large numbers of Americans in preparation for holiday shopping. Both companies have also taken financial hits from investors due to their customer-focused strategy.
Walmart and Target put up strong third-quarter performances this week, beat Wall Street’s expectations and spoke of holiday shoppers already starting to splurge on gifts and gatherings this season. Yet the investor response was swift: A brutal sell-off.
The two sides are at odds on the retailers’ strategy of absorbing some of the rising costs of shipping, labor and materials rather than passing them on to customers with higher prices. Both Walmart CEO Doug McMillon and Target CEO Brian Cornell have drawn a clear line. Their strategy: Keep prices low in a bid for customer loyalty — even if it means a hit to profits.
“Customer loyalty” – This isn’t a word you hear much in corporate America these days. The priorities seem to be “woke loyalty,” or “fear of criticism from irrelevant online haters.” Walmart and Target deserve praise for putting customers way, way ahead of short-term profits.
For 2ndVote, these good decisions are praise-worthy. We urge you to pass along your support, while also reminding both companies that one good decision won’t get them off your bad list this Christmas. They should always put customers first, and until that becomes a habit – not a one-time occurrence – we encourage you to abstain from giving Target and Walmart your 2ndVote dollars. Contact Target and Walmart using these links today!